Inflation rises to 1.8% in Oct, 9.7% year-on-year in Ukraine - State Statistics Service
MOSCOW. Oct 11 (Interfax) - Consumer price growth accelerated to 1.8% in October 2024 in Ukraine versus 1.5% in September, 0.6% in August and zero in July, Ukrainian media said, citing a statement by the State Statistics Service.
According to the service, consumer prices rose by 0.8% in October 2023, so in annual terms, inflation increased to 9.7% at the end of October 2024 from 8.6% at the end of September, 7.5% at the end of August and 5.4% at the end of July.
Core inflation decreased to 1.3% in October 2024 from 1.7% in September. Considering that it stood at 0.4% in October 2023, in annual terms, core inflation increased to 8.3% at the end of October from 7.3% at the end of September, 6.5% at the end of August and 5.7% at the end of July.
In the consumer market, prices for food and non-alcoholic beverages increased by 3.2% in October. Vegetables and eggs increased in price the most (by 18.2% and 18.1%). Prices for butter, fruits, milk and dairy products, sunflower oil, grain processing products, beef, soft drinks, bread, lard, fish and fish products increased by 6.9%-1.3%. At the same time, prices for sugar decreased by 4.2%.
Prices for alcoholic beverages and tobacco products increased by 1.8%, which is associated with a 2.6% increase in the price of tobacco products.
The 1.0% increase in prices in the healthcare sector was primarily due to an increase in prices for hospital services by 1.3% and outpatient services by 1.2%.
Transport prices increased by 0.5% mainly due to an increase in the price of fuel and oils by 0.8% and prices for travel by road passenger transport by 0.7%. At the same time, prices for travel by rail fell by 4.7%.
As reported, inflation in Ukraine in 2023 fell to 5.1% after a spike in 2022 to 26.6% from 10.0% in 2021.
At the end of October, the National Bank of Ukraine downgraded its inflation forecast from 8.5% to 9.7% for 2024 and from 6.6% to 6.9% for 2025. The bank outlook envisages a reduction in inflation to 6.9% at the end of 2025 and achievement of the 5% target in 2026.